BSE Sensex went down 71 points to 61,689.38 and NSE Nifty lost 21 points to 18,244.35. The top gainers on Nifty 50 were IndusInd Bank, Tata Motors, Power Grid, Bajaj Auto and HCL Tech while the losers were UPL, Dr Reddy, SBIN, Grasim and Adani Ports.
Going ahead, the release of US and Indian inflation data for April will be keenly watched by the market participants to get a direction. India retail inflation data is expected on Friday.
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The benchmark indices of the domestic equity markets on Monday recovered the losses made on Friday, tracking strong global cues. The better-than-estimates earnings also helped investors' sentiments.
Indian stock indices opened marginally higher Monday after having closed in the red the last session. At the time of writing this report, benchmark indices Sensex and Nifty were 0.5 per cent higher each.
The US Federal Reserve on Friday raised interest rates by a quarter of a percentage point and signalled it may pause further increases. The increase lifted the Fed's benchmark federal funds rate to a range of 5 per cent to 5.25 per cent, the highest level since 2007.
Indian stock indices have managed to end this week with gains on a cumulative basis. Benchmark Sensex and Nifty indices accumulated 0.8-1.0 per cent gains.
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Indian stock indices declined Friday morning, largely due to profit booking after the recent consistent bull run. Indian stock indices had been rising for about two weeks, backed by higher-than-estimated Q4 earnings, firm GST collection and foreign fund inflows.